China Household Consumption Upgrade Index Report | North Zhejiang Su leading the country

On November 28, as the only financial think tank among the first 25 high-end think tanks established by the Central Government, the State Financial and Development Laboratory and the Suning Financial Research Institute held the "Report on China's Household Consumption Upgrade Index" and the upgrade of China's consumption in Nanjing Seminar, Li Yang, Chairman of the State Financial and Development Laboratory, Xi Shangqin, Vice President of the Nanjing Branch of the People's Bank of China, Li Xindan, Dean of the Institute for Financial Innovation at the University of Oxford and Director of the Suning Financial Research Institute, Golden Old Research Center for Macroeconomics Director Huang Zhilong attended.

At this meeting, the first domestic research achievement on regional differences in consumer upgrade level was released on an authoritative basis, demonstrating the level of household consumption upgrading in 31 provinces and autonomous regions across the board.

Consumption upgrade into the fast lane

'China's household consumption upgrade formally entered the fast lane.' According to the report, according to the specific structure of per capita consumption expenditure of urban and rural residents, the share of consumption of food, tobacco, clothing and housing in the total consumption of urban residents in 2000-2016 The declining trend, especially the consumption of food, tobacco and alcohol, has dropped from 39.18% in 2000 to 34.37% in 2016. At the same time, the proportion of consumption in communications, education, culture, entertainment and healthcare has been on the rise.

In rural residents' consumption structure, the proportion of consumption of food, tobacco and alcohol, clothing and living in the total consumption decreased obviously. The consumption of food, tobacco and alcohol dropped from 49.13% in 2000 to 34% in 2016. Correspondingly, , Education, culture and entertainment, health care consumption share is steadily rising.To sum up, it can be judged that the consumption structure of urban and rural residents in China are constantly escalating.

In the meantime, the main body of consumption in our country is changing too.The statistics of ComScore, a famous research institute in the United States, show that the proportion of 25-34-year-old main consumers in mainland China accounts for over 30% of the total population, far above the average level in the world and the Asia-Pacific region. And this group pay more attention to quality and service, the pursuit of personalized, fresh and exciting diversification, high quality, experiential consumption.

Since 2012, the level of development of residents' consumption in our country has risen steadily. The national consumer price index rose from 0.341 in 2012 to 0.363 in 2016, with an average annual growth rate of 1.58%. The national index of economic development and structural upgrading has been significantly raised, From 0.350 in 2012 to 0.408 in 2016. The national consumer price escalation index rose sharply at the macro level from 0.307 in 2012 to 0.420 in 2016.

However, both the national consumption index for physical consumption and the consumption-upgrading index for consumer services increased, from 0.401 in 2012 to 0.518 in 2016, while the latter rose from 0.214 to 0.289. Specifically, food and clothing, consumer durables , Communication services and other categories of various sub-indicators generally have different degrees of improvement, while the transport services and cultural and tourism sub-indicators of the two categories overall performance is better.

The national consumer upgrade industry index also increased, from 0.156 in 2012 to 0.190 in 2016. Looking at specific sub-indices, the online retail sales per capita and online retail sales accounted for the proportion of online retail sales Respectively, achieved substantial growth several times, per courier delivery also have an average annual growth rate of 52.4%, although the total number of physical stores also showed an upward trend, but the average annual growth rate of less than 5%.

North Zhejiang leading the country

It is noteworthy that this report has released the comprehensive index of household consumption and consumption upgrading in 31 provinces and autonomous regions nationwide. From the overall level of household consumption and consumption upgrading in various provinces, municipalities and autonomous regions in 2016, Beijing, Shanghai, Zhejiang and Jiangsu are located in the first tier, Beijing and Shanghai are significantly ahead of other regions; Jilin, Guangxi, Gansu, Shaanxi, Xinjiang, Guizhou, Heilongjiang, Qinghai and Tibet are the third tier.

In particular, Beijing, Zhejiang, Shanghai, Jiangsu, Tianjin and Shandong ranked the first tier based on the 'indicators of consumer upgrades at the macro level', while Beijing's thriving economy showed a clear trend. Guangxi, Gansu, Hainan and Tibet The third tier, in which Tibet's population consumption performance at the macro level is poorly performing, is mainly due to the high Engel's coefficient in Tibet, the proportion of service consumer spending and the non-wage income of residents and the huge gap between other provinces and municipalities influences.

Based on the 'consumption index for physical consumption', we can see that the number of members in the first echelon camp has obviously increased while the third echelon has only two provinces in Guangdong and Heilongjiang Provinces, of which the indicators for the upgrading of consumption in kind of Guangdong are low, the main drag factors being Hundred durable consumer goods (washing machines, refrigerators, water heaters, smoke machines, etc.) were significantly lower than other regions, which may be related to the high proportion of migrant workers in Guangdong, the upgrading of the wishes of the less strong.In addition, the first and second tier cities The low degree of differentiation of the autonomous regions index proves that the supply of goods and demand of the Chinese economy are greatly enriched, which has already entered an overall well-to-do society in terms of physical consumption.

Based on the "Service Consumption Upgrade Index", we can see that Beijing, Guangdong, Shanghai, Zhejiang and Jiangsu are located in the first tier, Fujian, Liaoning, Tianjin and Anhui are located in the second tier and the third tier has as many as 22 members. As a result, the consumption of services by Chinese residents in general is relatively weak and needs to be further improved. Based on the index of consumption upgrade format, it can be seen that Zhejiang, Shanghai, Beijing and Guangdong are located in the first tier and only Jiangsu is in the second tier, The remaining regions are in the third tier.This is not hard to understand, online retail, express delivery, physical stores and other consumer formats are more concentrated in the more economically developed provinces and municipalities, the remaining areas are subject to further development.

Based on the 'Index of Upgrading of Suning Consumption', it found that except for Beijing, Shanghai and Jiangsu in the first tier, the rest are located in the third tier, reflecting the major provinces and cities in terms of appliances, 3C, maternal and child and sports Areas of consumption upgrade level.

It is also worth mentioning that the report covers the six dimensions of economic development and structure, household consumption profile, physical consumption, service consumption, consumption pattern and consumption of Suning. The report covers the six major dimensions of northeast, north, east, south, southwest and northwest The maps of consumption escalation of various provinces, municipalities and autonomous regions in China were drawn up, of which the indicators in Beijing and Shanghai performed well, the consumption was upgraded and developed more balanced, and the other provinces, municipalities and autonomous regions held shortcomings in different dimensions.

Consumption pull has become an important growth point and the most important engine for the country's economy.In entering a new era, consumption is particularly crucial to meeting the people's growing needs for a better life.It is understood that this is the first time Suning Financial Research Institute released the report of China's consumer upgrade index In the future, it will intensify its research efforts in the fields of new consumption patterns, new consumption hot spots, new consumer groups and other fields, and strive to become a first-class enterprise think tank that will lead the study of consumer innovation and development.

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